Mindtree to acquire NxT Digital Business of L&T Group for Rs 198 cr

Mid-cap IT services player Mindtree said it has signed an agreement to acquire the NxT Digital Business, the cloud based IoT and AI platform for Industry 4.0 of L&T Group for a consideration of Rs 198 crore.

The NxT Digital Business was founded as a startup in FY19 with broad digital capabilities within L&T. The revenue of NxT Digital Business was Rs 37.59 crore for FY21, a drop of almost 25 per cent when compared to revenues of FY20 at Rs 49.73 crore, according to regulatory filings.

According to the company’s statement, NxT has played an instrumental role in extensive applications of IoT technology and digitalization of many aspects of L&T’s operations where numerous assets were connected and factories were digitalized to make the company’s operations data driven for objective decision making.